TPP opens up for Vietnam’s global economic integration

The Trans-Pacific Partnership (TPP) agreement will be an opportunity for
Vietnam to continue deeply integrating into the global economy,
said Mary Beth, Economic Counsellor at the US Embassy in Vietnam.

Vietnam, a member to TPP negotiations, has advantages on human
resources and economic potential, she said at a workshop on TTP and its
impacts to Vietnam ’s economy held by the Ministry of Industry and
Trade and the US Agency of International Development (USAID) on March 26
in Hanoi.

The agreement will open up a huge market for
Vietnam to export more to TPP members, said Prof. Peter A.Petri from
Brandeis University.

The country has to take part in
negotiations on thorny issues such as origin norms, social matters
relating to labour and environment, he added.

However, Vietnam will be the nation to enjoy the most benefits
compared with others in terms of export-import performance, foreign
direct investment flows and closer ties with international production
chains, the professor stressed.

Ngo Chung Khanh, Deputy Head of
the Ministry’s Multilateral Trade Policy Department, said the involved
parties have conducted 16 official rounds of negotiations, adding that
Vietnam has been actively participating in discussions on matters of
multilateral concerns.

The Vietnam Garment and Textile
Group said the country’s garment and textile exports to the US is
expected to increase 12 to 13 percent from the current level of 7
percent, bringing home 30 billion USD a year when negotiations of the
Trans-Pacific Partnership (TPP) are successfully concluded.

If the TPP is put into place, the US market will make up 55
percent of Vietnam’s total exports of garment and textiles instead
of the current level of 49 percent, offering an opportunity in
attracting investment to the apparel industry.

A representative
of the Vietnam Chamber of Industry and Commerce said that Vietnamese
enterprises hope to increase their exports, access to goods and
materials at low prices and enhance the competitiveness of domestic
service market.

There are currently 11 TPP members including
Australia, Brunei, Canada, Chile, Malaysia, Mexico,
New Zealand, Peru, Singapore, the United States and
Vietnam.-VNA